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Commodity Daily News
Crude Declines a 3rd Day on Concern over China
Wednesday, 30 Jun 2010
Crude Oil prices settled 3% lower Tuesday as a downward revision of a leading Chinese economic indicator sparked a broad market sell-off.
Oil dropped for a 3rd day on concern over weakening economic growth in China and as confidence declined more than forecast among consumers in the U.S., the world's biggest energy user. Markets were roiled by fears of a slowdown in China, with investors flocking to the safety of Gold. Only ongoing fears that Tropical Storm Alex could still wreak havoc in oil-producing and refining areas in the Gulf of Mexico provided some support for the Crude prices.
